I made $110,818 as a total withdrawal from my retirement account. The taxable part was $46,300 (ROTH) and the non-taxable part was $64,518 (Traditional IRA). When I entered the information for my 1099-Rs, Line 15a on my 1040 correctly showed the $110,818. HOWEVER, Line 15b showed a taxable amount of $95,466! This is obviously incorrect and the taxable amount should have been
$110,818 - $64,517 = $46,301.
I checked my 1099s several times to make sure I entered all of the information correctly which I did.
An accountant friend checked my work and concluded there has to be a software problem in the TurboTax software.
IF ANYONE WITHIN TURBO TAX OR ANOTHER FAMILIAR WITH THIS PROBLEM FOUND A SOLUTION PLEASE LET ME KNOW SINCE THE TAX FILING DEADLINE IS FAST APPROACHING. THANK YOU.
I've checked through our error logs and haven't found any existing known issues related to the calculations of the 1099-Rs.
The best way to resolve this would be to give one of our agents a call. That way you can screenshare with them and walk them through the issue. Then, they can document it and get it fixed ASAP.
To contact us, please log in, and click the Help button in the top right, then Contact Us, at the bottom of the side bar.
The agent will ask you to hold Shift and press Enter (Return for Mac users) to create a screenshare code.
With any luck, it will be a small issue and you'll have your returns filed in no time.